While progress is slow, the CRE industry as a whole is beginning to recognise the advantages of adopting new technologies but determining which solutions to implement and for which segment of your business can be a challenge.
There are opportunities to increase efficiency and drive value throughout an asset’s entire lifecycle, however it’s important to pinpoint which areas to focus your innovation efforts on first.
Expert CRE author John Highman states that during refurbishment and renovation “is where the experienced property manager acting on behalf of the landlord can add real value to the planning process.” At Proprli, our aim is to help facilitate that and we have our own ideas of what the future will look like for our users, namely the technical manager.
Having established a solid base with our Procurement and Project Management platform (PPM), our focus is set firmly on significantly improving and streamlining the processes of our technical managers by equipping them with the best modern-toolset out there. All the while increasing transparency for landlords and asset managers through giving them real-time insight.
The possibilities are endless once you begin working with a PPM system and below are just a few of our developments to keep an eye out for over the coming year.
Service Providers Rating System
By tracking information such as service providers’ response rates, successful bids provided within the deadline, the completeness of their quotes and bid forms, it is possible to better understand your vendors and their performance in specific areas.
A rating system incentivises vendors to provide their quotes in a more diligent and detailed manner, as they are aware of the opportunity a higher rating can bring to their business.
Similarly, it is expected that a rating system of this nature will encourage better, more efficient communication across the board.
Once quotes are being received in the most detailed way possible through digital bid forms, it is possible to leverage all that data and develop a benchmarking tool for technical managers and landlords alike. The technical property manager will soon know with much greater accuracy the true cost of their projects. Even before the acquisition of a property, landlords will be able to bid sharper than their competition and reduce their risk.
Currently, property managers and their preferred suppliers are left guessing the correct amounts in a project’s scope. To give a few examples; how much of a specific area needs to be painted, how many light fittings need to be replaced and how many fire ducts need to be refurbished, etc.
It is possible to connect 3D-models and BIM to the procurement and RfP process. These models are generally only utilised in the development stages of a property, but not utilised during the operational period of an asset. By connecting a web-based 3D viewer to a system like Proprli, it will be possible to use a model throughout the entire building lifecycle.
As such, the property manager of the future will have exact specifications and figures to work with ultimately ensuring cost savings for their clients, the landlords.
Combine all of this with the current functionalities of a PPM system like Proprli and property managers have all the necessary tools to offer a best in class service while saving their clients money. With the market more competitive than ever before and the margins for error becoming increasingly slimmer, standard property management practices are sure to become significantly more meticulous over the coming years.
Instructing the correct service providers for the correct prices will be a sure-fire way of gaining a competitive advantage over market competitors. Industry leaders are already innovating in this space and the results are speaking for themselves. Find out more by requesting a free demo today on proprli.com.